Example 2 Condorcet Paradox 3 rational people have rational preferences over 3 alternatives x, y, z) Person 23 1st X Y Z 1.X>Y>Z Pref. 2nd Y Xie Person 2:y>z>X 3rd Z 3:2>X>YExample 2 Condorcet Paradox • 3 rational people have rational preferences over 3 alternatives {x,y,z} Person 1 2 3 1 st X Y Z 1 : X>Y>Z Pref. 2 nd Y Z X i.e. Person 2 : Y>Z>X 3 rd Z X Y 3 : Z>X>Y